The GBP/USD pair had another positive session on Friday, touching the 1.55 handle. However, that area continues to be far too resistive, and we do suspect based upon price action back in the middle of February that it will be very difficult to break above. Having said that, if we do manage to close above that level, we think this could be an excellent buying opportunity as it would show real strength behind the British pound. Ultimately, we will pay attention to what happens in this general vicinity as it could give us a clue to the next move. After all, a shooting star in this general vicinity would be an excellent sell signal.
Written by FX Empire